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ARIZONA STATE SENATE
Fifty-Fourth Legislature, Second Regular Session
financial literacy; state treasurer; fund
Purpose
Requires the State Treasurer (Treasurer) to promote and raise awareness of financial literacy. Establishes the Treasurer's Financial Literacy Fund (Fund).
Background:
Current law requires the Treasurer to: 1) authenticate certified writings and documents with the seal of the office; 2) keep all state monies secure; 3) file and keep documentation of deposited monies; 4) deliver confirmation of each deposit and provide a unique identifying number; 5) pay warrants drawn by the Arizona Department of Administration (ADOA); 6) keep an account of all monies received and distributed; 7) give information on the condition of the state treasury; 8) deliver, to the Governor and ADOA, a statement of receipts and expenditures of public monies for the preceding month; 9) submit a report explaining any differences between ADOA's estimate of the state General Fund's ending balance and the Treasurer's estimate; and 10) exercise powers of the surveyor-general as a member of the selection board (A.R.S. § 41-172).
The Treasurer may invest and reinvest trust and treasury monies into repurchase agreements, bonds, securities and other financial resources (A.R.S. § 35-313).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions:
1. Requires the Treasurer to promote and raise awareness of financial literacy to Arizona residents.
2. Establishes the Fund to promote financial literacy consisting of monies appropriated by the Legislature and other monies available from a lawful public or private source.
3. Requires the Treasurer to administer the Fund, invest and divest monies and credit monies earned from the investment to the Fund.
4. Exempts monies in the Fund from lapsing.
5. Makes technical changes.
6. Becomes effective on the general effective date.
Prepared by Senate Research
January 31, 2020
JO/JP/gs